Jack Welch on Obama, Health Care

Former General Electric chairman Jack Welch was on CNBC earlier this week (video here) and was just scathing about President Obama and the health care overhaul. "These guys believe in a more centralized role for government," he said. "Add more bureaucracy, add more regulations."

"It's a sham on the American people," he said of the claim that the health care law would reduce the deficit. "I think the costs are going to be out of sight."

He said some of the Congressional and administration overreaction to Toyota's problems was driven by the fact that "The government is the largest competitor to Toyota."

He also criticized the administration's plan to judge government contractors by their union-friendliness: "If you are a union employer, you are a good guy. If you take care of your employees yourself, you are a skunk."